Get the latest gossip
Redbox Owner Chicken Soup For The Soul To Liquidate In Chapter 7 Bankruptcy Shift; Workforce Of 1,000 To Be Let Go And 24,000 Kiosks Shut Down, Lawyer Says
Redbox parent Chicken Soup for the Soul Entertainment has shifted its bankruptcy filing from Chapter 11 to Chapter 7, meaning it will liquidate its business.
During bankruptcy court proceedings, it secured a “debtor in possession” loan of $8 million designed to help it resume paying workers after nearly a month of no paychecks and also restore their medical benefits. In an email to employees obtained by Deadline, former board members Rob Warshauer and John Young explained that a Chapter 7 bankruptcy trustee would be appointed and then determine the next steps. Chicken Soup for the Soul Entertainment, which spun off from the namesake self-help book publisher in 2017, grew via a series of acquisitions, buying properties like the streaming service Crackle and film distributors Screen Media and 1091 Pictures.
Or read this on Deadline